Trinidad and Tobago are bottom of the CONCACAF qualifying group for the 2010 World Cup finals after losing their most recent match 3-0 to the United States.
The TTFF said in a statement that Maturana, previously coach of Colombia, Peru, Ecuador and Costa Rica, had offered to quit due to "differences in opinions regarding the way forward" for the team.
"I'm absolutely delighted with being given opportunity to be coach of my country's national team. It's something I've always wanted to do.
"Aside from playing the game and always trying to help my country, my main ambition was always to coach the national team, I would like to thank the Association for giving me this opportunity," Latapy said.
"The task ahead of us is by no means an easy one but I think once we can get everything together, and with the support of the nation, we can achieve our goal which right now is qualifying for the next World Cup," he said.
